Nordic American Tankers Ltd (NYSE: NAT) - The Tanker Bonanza continues

Daily cash operating costs are less than $10,000 per ship, while management expects NAT to continue paying dividends.

Rhea-AI Summary

Nordic American Tankers (NAT) reported about $144,000 in daily time-charter-equivalent earnings per vessel across its latest spot fixtures. The last 10 voyage fixtures, mainly related to 4Q 2026, average 60 days and range from $59,000 to $347,000 per day. Cash operating costs are less than $10,000 daily per ship. About 50% of vessels operate in the spot market, with the rest on charters. Management expects continued dividends and short-term market fluctuations.

3 points · 0 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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0 major · 1 point

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointLast 10 spot fixtures average about $144,000 daily per vessel, ranging from $59,000 to $347,000.
• Minor pointCash operating costs are less than $10,000 per day per ship.
• Minor point. Forward-looking: it has not happened yet and may not happen.Management expects continued dividends based on the strength of the tanker market.

Negative

• Minor point. Forward-looking: it has not happened yet and may not happen.Management expects short-term market fluctuations to continue.

News Explained

This release provides fixture-level market figures rather than the third-quarter report; NAT says its third-quarter 2026 numbers are scheduled for release on November 30, 2026, the stated date for its quarterly figures.

Key Figures

Average TCE: $144,000 per day per vessel Average fixture duration: 60 days Highest fixture rate: $347,000 per day +4 more

Average TCE

$144,000 per day per vessel

Reported average for the last 10 spot voyage fixtures; the article qualified the figure.

Average fixture duration

60 days

Last 10 spot voyage fixtures

Highest fixture rate

$347,000 per day

Among the last 10 spot voyage fixtures

Lowest fixture rate

$59,000 per day

Among the last 10 spot voyage fixtures

Cash operating costs

Less than $10,000 per day per ship

Company-reported operating costs

Vessels in spot market

About 50%

Current fleet employment mix

Third-quarter results release

November 30, 2026

Scheduled release date for 3Q 2026 results

Historical Context

2 past events · Latest: Nov 03

2 events

1. Nov 03

   Tanker market update

   24h Move

   +2.1%

   Reported historically high tanker contract levels and expected favorable market conditions to continue.

2. Sep 15

   Tanker rate update

   24h Move

   +2.9%

   Reported strong spot rates, recent fixture terms, and daily operating costs below $10,000.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

time charter equivalent (tce)

1 terms

time charter equivalent (tce) financial

"Time Charter Equivalent (TCE) of about $144,000 per day per vessel."

Time charter equivalent (TCE) is a standardized measure of a ship’s daily revenue after deducting the variable costs of a voyage, such as fuel and port fees, so different routes, charter types and ship sizes can be compared on an apples-to-apples basis. Investors use TCE to judge how much operating cash a vessel or fleet is effectively earning per day — like comparing take-home pay after expenses for different jobs — which helps assess profitability and cash flow quality.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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November 9, 2026

Dear shareholders & investors,

I would like to share with you a snapshot of the cash our ships are earning in the current market.

The last 10 spot voyage fixtures of the NAT tankers have an average duration of 60 days with a Time Charter Equivalent (TCE) of about $144,000 per day per vessel.

The highest fixture is $347,000 per day and the lowest is $59,000 per day. These are mainly fixtures related to 4Q 2026. Short term aberrations are expected to continue.

Our cash operating costs are less than $10,000 per day per ship. About 50% of our vessels are currently in the spot market, the balance being employed on solid charters.

Based on the strength of the market for our tankers, I expect that NAT will continue to pay healthy dividends.

Numbers for the third quarter of 2026 will be released on Monday November 30, 2026.

Sincerely,

Herbjorn Hansson
Founder, Chairman & CEO
Nordic American Tankers Ltd                                    www.nat.bm

Contacts:

Bjørn Giæver, CFO
Nordic American Tankers Ltd
Tel: +1 888 755 8391

Alexander Kihle, Finance Manager
Nordic American Tankers Ltd
Tel: +47 91 724 171

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What rates did Nordic American Tankers report for its latest spot fixtures?

NAT's last 10 spot voyage fixtures have a time-charter-equivalent rate of about $144,000 per day per vessel. They average 60 days and mainly relate to 4Q 2026. The highest fixture is $347,000 per day and the lowest is $59,000 per day.

When will NAT release its third-quarter 2026 results?

NAT will release its third-quarter 2026 results on November 30, 2026.